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Cross Border Activity – March 2008
Cross border financing in March 2008 saw a British Columbia-based biotech company receive financing from global investors. Reported M&A activity was one-sided, as three U.S. Private Equity firms each acquired a Canadian company.
Details of March’s cross border activity are listed below.
U.S. Activity in Canada
enGene Inc. (British Columbia), a privately held biotechnology company raised US$6.4 million in a Series A financing from Saad Investments Co. (Saudi Arabia), Masa Life Science Ventures (Washington) and undisclosed angel investors.
Cross Border M&A
Sun Capital Partners Inc.
(Florida), a private investment firm specializing in leveraged buyouts
and investments in market-leading companies, announced that one of its
affiliates acquired Timothy’s Coffees of the World Inc. (Toronto). Terms of the acquisition were not disclosed.
North Castle Partners
(Connecticut), along with its co-investors, acquired the assets of
International Fitness, Inc. International Fitness is a leading operator
of fitness clubs in the province of Alberta. North Castle is a leading
private equity firm focused exclusively on investments in
consumer-driven product and service businesses that benefit from
“Healthy Living and Aging” trends. The terms of the investment were not
disclosed.
GW Equity, an
advisor to privately held and family-owned businesses for mergers,
acquisitions, and strategic growth initiatives, announced the sale of
its client Polar Window (Manitoba), a full-service window and door
specialist to Riverside Company (New York), an international private equity firm. The value of the transaction was not disclosed.